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02-14-2022, 01:37 PM
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Sage
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Join Date: Aug 2009
Location: NJ, NM, SC, PA, DC, MD, VA, NY, CA, ID and finally FL.
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Quote:
Originally Posted by rferg40
That law changed during the Clinton administration, so you are a little behind in your tax law. Only way to avoid the income tax on the sale is to go through a "Starker Exchange". Realtors should know about those and those of us who do tax returns do as well. Not all that easy to do with residential property and there are fees involved. And I think the rules for Starker exchange of residential property in Florida are more complicated than other states. Sold my vacation rental/ second home in TV in June and I will be paying tax on the profit.
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A Starker Exchange is a 1031 exchange so it needs to be an investment property. A sale of a personal residence does not qualify. https://www.washingtonpost.com/reale...l4Q_story.html
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